Best Crypto to Buy Now 22 May – Render, Copium, Tron, AiDoge.com, Apecoin, Sponge, Ecoterra
With the crypto markets seeing less trading volume, Bitcoin's price fluctuations have mellowed lately.
However, on-chain data shows that long-term Bitcoin holders are continuing to hold on to their positions.
As a result, Bitcoin is presently trading within a tight price range. Given this, what are the best cryptos to buy now?
Typically a very volatile asset, Bitcoin's weekly price has stayed within a tight 4% range.
Analysts disagree on what this means: some see Bitcoin's price as stagnant, while others expect volatility to surge again.
Despite the current lack of price movement Bitcoin has still outperformed many other assets so far in 2023.
According to a recent Glassnode report, on-chain data provides insight into Bitcoin's price.
Although transactions have increased due to certain events, Bitcoin volume remains low.
This lack of new money coming in amplifies long-term Bitcoin holders' strategy of accumulating more, even without making a profit, showing holders' solid confidence.
On-chain transfer volumes are below $4 billion, far from the all-time high of over $13 billion.
Notably, Bitcoin's price liquidity is typically low in realized terms, possibly because many investors are breaking even at the current Bitcoin price.
The price reflects historically oversold levels, with only 9% of unrealized profit left in the market.
The May 2021 Bitcoin price drop, from $56,000 to $29,000, prompted many traders to buy Bitcoin.
Although these buyers are now at a loss, their wealth has still grown relative to others.
Their conviction, tested through multiple Bitcoin cycles, has allowed them to increase their wealth ratio as weaker hands leave the market.
Fears remain about how a potential U.S. debt default could impact Bitcoin's price.
However,
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